If you got off the "hamster wheel"....

[Anonymous]

Anonymous wrote:I left my junior partnership at a biglaw firm to be a tenure-track (now tenured) professor at a law school. Went from $500k to $120k. Now I make about $170k plus about $20-50k in consulting/writing/etc. Never lived like I needed a biglaw salary, and was able to save a ton and buy home outright.

No regrets at all! Married with two kids. We live comfortably but of course no crazy expenses like fancy cars or excessive vacations. But I love my job, can basically set my own hours (when not in class), and I have never had to miss my kids' sports events, recitals etc. Most of my friends from law school who are still at firms have gotten divorced and many have serious drug/alcohol problems. Life is too short.

This is fantastic! Love that you were able to manage making the switch and finding a great quality of life. People (who have never lived it) underestimate the toll that biglaw takes on a person and look only at the money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I left my junior partnership at a biglaw firm to be a tenure-track (now tenured) professor at a law school. Went from $500k to $120k. Now I make about $170k plus about $20-50k in consulting/writing/etc. Never lived like I needed a biglaw salary, and was able to save a ton and buy home outright.

No regrets at all! Married with two kids. We live comfortably but of course no crazy expenses like fancy cars or excessive vacations. But I love my job, can basically set my own hours (when not in class), and I have never had to miss my kids' sports events, recitals etc. Most of my friends from law school who are still at firms have gotten divorced and many have serious drug/alcohol problems. Life is too short.

This is fantastic! Love that you were able to manage making the switch and finding a great quality of life. People (who have never lived it) underestimate the toll that biglaw takes on a person and look only at the money.

Thanks! When I made the move, my coworkers thought that I was insane for giving up a growing book of business, and my non-lawyer friends could not fathom taking a voluntar 75% salary cut.

[Anonymous]

Anonymous wrote:

is not an old man's profession and he started late. But it was something he always dreamed of doing, something that always caught his interest and I'm glad he's giving it a try and took the risk.

Does he have different plans to transition to as he gets older? What age is too old for sales?

Wife here. I've worked in sales just about my entire career (operations side) and it is just a young man's game. It's a hassle and it is unrelenting. He's coming in fresh and energized. Not to say there are not sales guess into their 60s, because there are. All lot of them make a lot of money and set themselves up to retire early or do a second career in something different. Being sales men at heart many have an entrepreneur spirit and being natural risk takers, many investors. I'd say "prime " is late 30s/early 40s and "old" is early 50s. We both take good care of our bodies and physical appearance in order to minimize discrimination going forward. Laugh all you want, but it's a huge reality. As you get older you need to look sharp or run the risk of being discarded.

We've invested in some real estate, I have solid consistent income, and as long as this gravy train chugs along for a few more years, he won't need much. Again, my income is more than enough to cover some lapses in his without disturbing investments or savings. We're committed to working until our mid 60s in anything that has a good 401k plan,. Since we have set ourselves up well, it doesn't really matter what that is.

[Anonymous]

Anonymous wrote:I left my junior partnership at a biglaw firm to be a tenure-track (now tenured) professor at a law school. Went from $500k to $120k. Now I make about $170k plus about $20-50k in consulting/writing/etc. Never lived like I needed a biglaw salary, and was able to save a ton and buy home outright.

No regrets at all! Married with two kids. We live comfortably but of course no crazy expenses like fancy cars or excessive vacations. But I love my job, can basically set my own hours (when not in class), and I have never had to miss my kids' sports events, recitals etc. Most of my friends from law school who are still at firms have gotten divorced and many have serious drug/alcohol problems. Life is too short.

I feel like people outside of biglaw may think this is uncommon, I feel like everyone in biglaw knows a number of people who have done this. Not necessarily a move to teaching -- but to govt; in-house in a non financial services industry; or simply a "regular" business job. I know plenty of associates who went from 300k as seniors to 120k in one of these other things. Some of it was "involuntary" -- i.e. I'm not going to make partner so I better make a move before they ask me to go. But I know many who did it voluntarily too -- wanting to save a marriage; to have/raise kids; to go back to their hometown where they couldn't find a law opportunity etc. I even know 2 junior/non equity partners who have done it lately bc they either couldn't or didn't want to generate a book of business their whole lives and wanted a job that would let them live a life outside of work -- even if that meant 150k instead of 600k.

[Anonymous]

I went from 130k to 65k, similar hours of 45. Hated the pay cut. After 3 years I'm wondering if I should stay in govt.

[Anonymous]

Make sure that you've saved enough (or have already bought) a house that you'll be happy to live in for a while with a healthy downpayment so you can comfortably pay the mortgage on whatever your ramp-down salary is. If you can, pay off your student loans and minimize other debt (car note, etc).

It's helpful if one spouse can get a job in a very stable field - government, education, etc. - so that you can count on that salary, pension, etc.

We did this in our early to mid 30s - went from HHI of $330k to $125k (briefly, with a SAHP for a few years) and are now at $250k as double feds. Totally comfortable, really happy, and love how much control we have over our lives.